Zcash (ZEC), Kusama (KSM) and Hedget (HGET) soar as Bitcoin hits $40K

The sharp correction in Bitcoin (BTC) may have shaken out many leveraged traders, but the data shows whales and institutions aggressively purchased the dip and now bulls have shown they are determined to push Bitcoin price back above $40,000. The total crypto market capitalization has also recovered and surged back above $1 trillion

Crypto market data daily view. Source: Coin360

Pantera Capital founder and CEO Dan Morehead said he stands by his earlier prediction of $115,000 for Bitcoin by August of this year. Morehead believes China’s digital yuan developments may boost crypto adoption and prove to be a bullish trigger.

Several altcoins have also turned positive and are following Bitcoin higher. Let’s investigate the fundamental reasons for their rise in order to determine whether there are possible targets on the upside.